MKG 300 Chapter Notes - Chapter 3: Gross National Income, North American Free Trade Agreement, Competitive Advantage
13 Sep 2016
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External market environment: economic, technological, political and legal, cultural and social (demography) Setting whole company objectives is ultimately the responsibility of top management. Mission statement: sets out the organization"s basic purposes for being. Should supply guidelines to help managers determine which opportunities to pursue. Increase flexibility by not having any in-house manufacturing. Competitive environment: affects the number and types of competitors the marketing manager faces and how they behave. 4 basic kinds of market situations: pure competition- similar marketing mixes. Customers see alternatives as close substitutes: oligopoly- same as pure competition, monopolistic competition: typical and a challenge. Number of different firms offer marketing mixes that some customers see as different: monopoly: one firm controls a broad product-market. Sustainable competitive advantage: a marketing mix that customers see as better than a competitor"s mix and cannot by quickly or easily copied. Best way to avoid head-on competition is to find new or better ways to satisfy customers" needs and provide value.
